Wisconsin Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-162A
• Format: Word; Rich Text

Description

20-162A 20-162A . . . Book Value Phantom Stock Plan under which Committee of Board of Directors may, from time to time, grant quantity of phantom shares to selected employees, each share being equivalent to one share of corporation common stock. Phantom shares may be exercised at any time within ten years of date of grant (subject to certain limitations in event of termination of employment) Upon exercise, employee is paid cash equal to increase in underlying net book value per share on fully diluted basis of shares between date of grant and date of exercise Wisconsin Book Value Phantom Stock Plan is a compensation program offered by First Florida Banks, Inc. This unique plan allows employees to participate in the growth and success of the company without actually being granted traditional company shares. Instead, employees receive phantom stock units, which are a form of hypothetical stock that mimic the performance of the company's actual shares. Under the Wisconsin Book Value Phantom Stock Plan, the value of these phantom stock units is determined based on the book value of the company's stock. Book value refers to the net value of the company's assets minus liabilities, which provides an indication of the company's intrinsic worth. There are two main types of Wisconsin Book Value Phantom Stock Plans offered by First Florida Banks, Inc. The first type is the Basic Phantom Stock Plan, which provides employees with phantom stock units equivalent to a predetermined percentage of their base salary. These units accrue value based on the book value of the company and are typically paid out upon retirement, termination, or a specified vesting period. The second type is the Performance-Based Phantom Stock Plan. This plan rewards employees with phantom stock units that are tied to specific performance targets or goals achieved by the company. The performance metrics can vary and may include financial goals, customer satisfaction ratings, or market share growth. If the targets are met, employees are granted additional phantom stock units, increasing their potential payout upon the plan's maturity. Participating in the Wisconsin Book Value Phantom Stock Plan offers several advantages for employees of First Florida Banks, Inc. Firstly, it provides a stake in the company's success, fostering a sense of ownership and motivating employees to contribute to the bank's growth. Secondly, since the plan is based on book value rather than actual shares, there is no dilution of ownership for existing shareholders. Additionally, the plan's payout is typically based on long-term performance, aligning employees' interests with the company's overall success. In summary, the Wisconsin Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation program that allows employees to receive phantom stock units based on the book value of the company's stock. This plan provides a means for employees to share in the company's growth and success, offering a compelling incentive to contribute towards achieving the bank's strategic goals. The two main types of plans, Basic Phantom Stock and Performance-Based Phantom Stock, cater to different employee needs and performance dynamics.

Wisconsin Book Value Phantom Stock Plan is a compensation program offered by First Florida Banks, Inc. This unique plan allows employees to participate in the growth and success of the company without actually being granted traditional company shares. Instead, employees receive phantom stock units, which are a form of hypothetical stock that mimic the performance of the company's actual shares. Under the Wisconsin Book Value Phantom Stock Plan, the value of these phantom stock units is determined based on the book value of the company's stock. Book value refers to the net value of the company's assets minus liabilities, which provides an indication of the company's intrinsic worth. There are two main types of Wisconsin Book Value Phantom Stock Plans offered by First Florida Banks, Inc. The first type is the Basic Phantom Stock Plan, which provides employees with phantom stock units equivalent to a predetermined percentage of their base salary. These units accrue value based on the book value of the company and are typically paid out upon retirement, termination, or a specified vesting period. The second type is the Performance-Based Phantom Stock Plan. This plan rewards employees with phantom stock units that are tied to specific performance targets or goals achieved by the company. The performance metrics can vary and may include financial goals, customer satisfaction ratings, or market share growth. If the targets are met, employees are granted additional phantom stock units, increasing their potential payout upon the plan's maturity. Participating in the Wisconsin Book Value Phantom Stock Plan offers several advantages for employees of First Florida Banks, Inc. Firstly, it provides a stake in the company's success, fostering a sense of ownership and motivating employees to contribute to the bank's growth. Secondly, since the plan is based on book value rather than actual shares, there is no dilution of ownership for existing shareholders. Additionally, the plan's payout is typically based on long-term performance, aligning employees' interests with the company's overall success. In summary, the Wisconsin Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation program that allows employees to receive phantom stock units based on the book value of the company's stock. This plan provides a means for employees to share in the company's growth and success, offering a compelling incentive to contribute towards achieving the bank's strategic goals. The two main types of plans, Basic Phantom Stock and Performance-Based Phantom Stock, cater to different employee needs and performance dynamics.